I think the idea is for there to be intermediary items available in the game. You have bad, good, better, and great items that can be found, quested for, and made. I'd give the maker credit for discovering the recipe, instead of putting down his achievment.

It's not bugged. The reason for the difference is that the Plat Ring mentioned above is not made with Hematite but with an Emerald. This ring is the upgrade to the Plat Hematite ring (+7 vs Fire). The Upgrade to a Plat Emerald Ring (+ 10 vs Fire & 4 AC) is a Velium Emerald Ring (+11 vs Fire & AC 5). Hope that clears it up.